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Elan Corporation, plc Message Board

  • jpmax6 jpmax6 Mar 8, 2013 8:31 AM Flag

    Value to ELN of Biogen's payoff.

    Let's figure out what the Biogen payout is worth to ELN shareholders. There are 600M shares of ELN outstanding, and the $3.5B payment equals to $5.80 per ELN share. Since ELN is thusly rendered a moot entity, we have to consider the cash flow from the sale for each ELN share. 20% of the $2B~ in Tysabri sales each year, is equal to $400M to ELN and $80M in anticipated dividends. There will also be be a Billion Dollar buyback (why?) reducing ELN shares by ~75M so that the $80M Div is divided by 525M shares. When all is said and done, ELN shareholders get $.15/yr for each ELN share. This does NOT sound like a wonderful me. What am I missing? Comments!


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